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Share Name | Share Symbol | Market | Type |
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Asanko Gold, Inc. | AMEX:KGN | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:2801S Kensington Group PLC 20 November 2003 20 November 2003 Kensington on Track to Deliver Further Profitable Growth in 2003 The following is an update on trading ahead of the close period for the year ending 30 November 2003. The Directors are pleased to report that Kensington's profit growth is on track to meet their expectations for the year ending 30 November 2003. During the year we have seen strong new business growth and continued investment in the business creating the potential for enhanced earnings in future years. In the first eleven months to 31 October 2003, Kensington has continued to grow new business volumes whilst maintaining the credit quality and performance of its mortgage portfolio. * Completions for the eleven months to 31 October 2003 were over #1,800m, up over 100% on the same period in 2002, and we expect that total new business completions will be around #2bn for 2003, above our original expectations; * Mortgage redemptions have been stable and the mortgage book has continued to grow successfully. The mortgage book now stands above #3bn (compared with #1.8bn at the end of October 2002) with an average gross product margin of 3.79% over LIBOR * The Mortgage Lender ("TML"), acquired in September 2002, is performing well. In the first eleven months of the year, TML introduced over #500m of mortgage business to Kensington Mortgage Company at good margins and low loan-to-value ratios. In line with our expectations, and as a result of the immediate write off of TML's new business origination costs, the impact of TML should be broadly neutral for 2003 but will be significantly earnings enhancing from 2004; * Kensington's new business pipeline stands at over #420m, 50% higher than the position at the end of October 2002; * The risk profile of new business remains conservative and average new business loan-to-value ratios have remained prudent at around 78%; * The performance of the loan portfolio has continued to be strong with arrears and loan losses remaining low and below the levels experienced in 2002; * During the second half of 2003 our securitisation programme continued successfully and we issued #1,450m of bonds via two transactions, RMS 15 and RMS 16. We were delighted to receive further rating upgrades on previous bond issues. Subordinated bonds from the first twelve securitisations have now been upgraded; * We have completed our first whole loan sale with #60m of loans being acquired by West Bromwich Mortgage Company Limited, a wholly owned subsidiary of West Bromwich Building Society. We expect to complete further portfolio sales in 2004 as a complementary diversification to our funding through securitisation. We continue to pursue opportunities to enhance shareholder value and since the 1H 2003 results announcement Kensington has bought-back 685,000 of its shares for cancellation. The directors remain confident about the future for Kensington. UK employment remains high and interest rates, whilst trending upwards, remain at historically low levels. Supported by the evidence of recent new business demand, Kensington's directors expect that monetary tightening will have a less material impact in Kensington's immature, growing and specialist market than in the traditional UK consumer credit industry. Furthermore, Kensington's consistent and prudent underwriting policy (having maintained strict income multiples and loan to value ratios despite a 350bp decline in interest rates over the last 5 years) has ensured that its mortgages will remain affordable and a high repayment priority for its customers. Having strengthened our leadership position in 2003, we will continue to focus on delivering disciplined growth through prudent, specialist risk management. The 2003 preliminary results will be announced on 27 January 2004. ENDS. ENQUIRIES: John Maltby - Chief Executive Kensington Group plc - 020 7297 7800 Geoffrey Pelham-Lane Financial Dynamics - 020 7269 7194 NOTES TO EDITORS Kensington Group plc, "Kensington" is a leader in the UK specialist residential mortgage market. Kensington provides mortgages to borrowers who do not conform to the underwriting criteria of traditional suppliers of mortgages in the UK such as the self-employed, contractors, older borrowers, temporary employees and those with an adverse credit history. This information is provided by RNS The company news service from the London Stock Exchange END TSTBIBDBBXBGGXC
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